Dec 20, 2011 (NVestorz.com) - In trading Monday, shares of ProShares Ultra Pro Short S&P (AMEX:SPXU) reached a high of $15.19, breaking through initial resistance at its 50-day moving average (MA) of $14.92. The ETF closed at $15.07 for a gain of 3.83% over Friday's closing price of $14.63.

New resistance has been established for Tuesday's trading at its 200-day MA of $16.55.

In after hours trading on Monday, share price for SPXU fell steadily to close at $14.84. Before hours trading is expected to open at around $14.77 and SPXU is expected to trade to around $14.71 where it will open in normal trading with a gap down from Monday's close.

Traders should expect SPXU to open with a gap down from Monday's close. End of day MACD(26) had crossed above the EMA(MACD)(12) signal line on Thursday of last week and is approaching zero from below as it diverges away from the signal line. This indicates that share price for SPXU should be expected to increase during trading later today and to press towards the new line of resistance.

Disclosure: Long on SPXU.

Tags: SPXU

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